Ge Long Hui·2025-07-23 12:33Group 1 - Southbound funds net sold HKD 1.32 billion in Hong Kong stocks on July 23, with net purchases in China Life (HKD 665 million), SMIC (HKD 486 million), China Energy Construction (HKD 256 million), Alibaba (HKD 202 million), Pop Mart (HKD 173 million), and Dongfang Electric (HKD 170 million) [1] - Tencent Holdings saw a net sell of HKD 1.129 billion, Meituan-W HKD 1.021 billion, and Xiaomi Group-W HKD 983 million. Southbound funds have net bought SMIC for five consecutive days, totaling HKD 1.66206 billion, and China Life for two consecutive days, totaling HKD 1.54391 billion [2] Group 2 - China Life Group held a management meeting, reporting an increase in insurance coverage exceeding CNY 450 trillion, with claims of CNY 237.2 billion, a year-on-year growth of 14.7%. The group's total revenue grew by 8.4% year-on-year, and total assets surpassed CNY 8 trillion [4] - SMIC is expected to benefit from increased demand in the BCD Analog sector and improved wafer foundry capacity utilization in Q2 and the second half of the year, with a significant opportunity for domestic AI chip production [4] - China Energy Construction's new hydropower project on the Yarlung Tsangpo River has commenced, with an estimated investment of CNY 1.2 trillion, of which 60-70% will be allocated to project construction. The firm predicts a 20% growth in water conservancy investment by 2025, reflecting the government's strategic focus on water projects [5] Group 3 - Alibaba's Tongyi Qianwen has released a new code model, Qwen3-Coder, which surpasses global competitors in capability [6] - Tencent's target price was raised from HKD 634 to HKD 645, with expected revenue and gross profit growth of 12% and 17% year-on-year, respectively, for Q2 2025. Online gaming revenue is projected to grow by 18%, and online advertising revenue by 19%, indicating strong profitability improvements [6]